Great-West Lifeco

Companies

Great-West Lifeco Inc. (Lifeco) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

Lifeco has operations in Canada, the United States and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments.

London Life

London Life offers financial solutions for any stage of life through an array of products including individual insurance, wealth management and retirement planning and savings. Through its Freedom 55 Financial™ division, London Life offers financial security guidance and planning, which focuses on meeting the complex needs of Canadians.

London Life participates in international reinsurance markets through its branch in Barbados and its London Reinsurance Group subsidiary.

Canada Life

For more than 170 years, Canada Life has provided insurance and wealth management products and services in Canada, the United Kingdom, Isle of Man and Germany and through Irish Life in Ireland.

As a leading provider of traditional mortality, structured and longevity reinsurance solutions for life insurers in the United States and in Europe, Canada Life operates through branches and subsidiaries in the U.S., Barbados and Ireland.

PanAgora Asset Management

Founded in 1989, PanAgora Asset Management is a premier provider of institutional investment solutions, including alternatives, risk premia and active strategies, spanning all major asset classes and risk ranges.

The company is committed to providing its clients with transparency, reliable investment process, consistent performance, and access to its investment resources. Research plays a central role in PanAgora’s investment philosophy and process, a fact that is underscored by the blend of academic, industry and investment backgrounds of its investment professionals.

PanAgora’s client base is comprised of institutional clients across the globe, such as sovereign wealth funds, sub-advisory, public & private retirement funds, endowments & foundations as well as strategic partnerships.

Irish Life

Irish Life Group, founded in 1939, is Ireland’s leading life assurance, pensions and investment management company.

Irish Life provides life assurance, pension and investment products to individuals and small business owners, distributed through independent brokers, bank branches and direct, as well as group risk and group defined contribution pension solutions for employers and affinity groups, through pension advisory consultants and independent brokers.

Its fund management business, Irish Life Investment Managers (ILIM), is the country’s largest manager of life assurance and pension assets.

(1) In addition to premiums and deposits per the Lifeco's financial statements, Lifeco includes premium equivalents on self-funded group insurance administrative services only (ASO) contracts and deposits on proprietary mutual funds and institutional accounts to calculate total premiums and deposits (a non-IFRS financial measure). This measure provides useful information as it is an indicator of top line growth.
(2) Comparative figures for 2017 have been reclassified to reflect presentation adjustments relating to the adoption of IFRS 15, Revenue from Contracts with Customers, as described in the "International Financial Reporting Standards" section and in note 2 to Lifeco's interim consolidated financial statements for the period ended June 30, 2018.
(3) Adjusted net earnings attributable to common shareholders and adjusted net earnings per common share are non-IFRS measures of earnings performance and reflect adjustments related to restructuring costs in 2017 and 2016. Refer to Great-West Lifeco's most recent Management's Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
(4) Comparative figures have been reclassified as described in note 2 and note 34 to Lifeco's December 31, 2017 consolidated financial statements.
(5) Total assets under management (a non-IFRS financial measure) provides an indicator of the size and volume of the overall business of Lifeco. Services provided in respect of assets under management include the selection of investments, the provision of investment advice and discretionary portfolio management on behalf of clients. This includes internally and externally managed funds where Lifeco has oversight of the investment policies.
(6) Other assets under administration (a non-IFRS financial measure) include assets where Lifeco only provides administration services for which Lifeco earns fee and other income. These assets are beneficially owned by clients and Lifeco does not direct the investing activities. Services provided relating to assets under administration include recordkeeping, safekeeping, collecting investment income, settling of transactions or other administrative services. Administrative services are an important aspect of Lifeco's overall business and should be considered when comparing volumes, size and trends.

2014

2013

2012

2011

2010

As at and for the years ended December 31 [in millions of Canadian dollars, except as otherwise noted]
(unaudited)

(1) Certain comparative figures have been reclassified as described in notes 2 and 34 to Lifeco's December 31, 2017 consolidated financial statements.
(2) Comparative figures for 2017 have been reclassified to reflect presentation adjustments relating to the adoption of IFRS 15, Revenue from Contracts with Customers, as described in the ''International Financial Reporting Standards'' section and in note 2 to Lifeco's interim unaudited financial statements for the period ended June 30, 2018.

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